台灣上市櫃企業隨著創辦人年紀增長，不可避免的就是面臨權力交接問題，多數企業會希望由家族成員接班，家族企業持股比重與公司績效發展有明顯正向關係(Anderson and Reeb, 2003)，另外亦有指出專業經理人接班公司當中，能有效調節家族企業持股所可能帶來的弊端，並更進一步有助於公司績效之提升(Anderson and Reeb, 2004)，而從企業永續經營的情況下探討，究竟家族企業係由家族成員或專業經理人接班較為適當。 本研究整合家族企業及從代理理論探討專業經理人，並以台灣上市櫃公司2006-2016年為例，研究結果顯示：(1)專業經理人接班當日平均報酬率成長，家族成員接班則反之；(2)相較於專業經理人接班，家族企業由家族成員接班所展現之績效較優，由於公司經營權及所有權由家族成員共有，對公司營運及績效會有相當高的期待，這造就了家族企業能永續經營之重要因素。 ;Taiwanese public companies inevitably face the problem of power transfer when the founders grow old. Most corporates would prefer a family member. The amount of family-owned shares has obvious direct ratio to company performance (Anderson and Reeb, 2003). On the other hand, companies that has a professional manger as successor also regulates the shortcomings of a family business, and its performance also rises (Anderson and Reeb , 2004). From the standpoint of sustainable operation this paper will discuss whether family member or professional manager is a more appropriate successor. This study integrates family business and professional manager under agency theory and it uses public companies from 2006 to 2016 as examples. This research reveals the followings. Firstly with professional manager as successor average rate of return grows. With family member as successor it does the opposite. Secondly by comparison family business that has family member as successor has better performance. Because management rights are shared with family members, company operation and performance are highly anticipated, and that is a key factor of the sustainable operation of a family business.
